While some people are wondering why Apple took so long to launch a smaller version of the iPad, allowing competitors to get a fantastic head start, others are eagerly awaiting the rumored device with much expectation over its features and capabilities.

Apple Inc. has yet to go out with any official information or an official release date, but according to a source familiar with the plan, the smaller iPad is expected to launch at an event hosted by the company on October 23.

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Analysts believe the smaller iPad, popularily referred to as the iPad Mini, is needed for Apple to tackle competitors to its popular flagship-product iPad. The competition is already thick with smaller, more affordable devices, and Apple may be losing out in that segment.

The competing devices in the segment has all launched at a price near $199, and it is believed that an Apple device would not be far off, although Apple has had a different business strategy where they make money off the devices rather than services, and instead subsidizes its iTunes App Store.

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According to the source, the launch of a new Apple product is believed to take place at a major October 23 event, just before Microsoft reveals its new Windows 8 and Surface Tablet on October 26. However, the source did not specify what exact product Apple has in store.

A smaller iPad is believed to be featuring a screen between 7 and 8 inches (18-20 cm), much like the Google Nexus 7 and the Amazon Kindle Fire HD, putting it somewhere between its new iPhone and older iPad products.